Ripples's Commodity Blog

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Thursday, 18 February 2016

Stock markets also firmed in Europe after a positive session
in Asia overnight and as benchmark Brent crude oil prices rose 1
percent. Sharp losses in oil and stocks drove gold to a one-year
high at $1,260.60 an ounce last week.

The dollar edged down 0.2 percent to 113.85 yen. The euro nudged up 0.1 percent to $1.1142.

Crude oil remained the main market driver. U.S.
crude was up 1.7 percent at $31.19 a barrel following a 7 percent jump
on Wednesday after Iran voiced support for a Russia-Saudi-led move to
freeze production to deal with the market glut that had pushed prices to
12-year lows.

U.S. dollar restrained at 96.871 against a basket
of currencies. It was steady on the yen at 114.05, after finding
support around 113.60.

US crude futures rebounded on Wednesday on investor hopes a deal between Saudi Arabia and Russia to freeze oil output at January levels would lead to a wider pact among producers that could eventually see production cuts to support prices. US crude had risen 24 cents to USD29.28 a barrel by 0033 GMT, after ending the previous session down 40 cents.

US crude futures
rebounded on Wednesday on investor hopes a deal between Saudi Arabia and
Russia to freeze oil output at January levels would lead to a wider
pact among producers that could eventually see production cuts to
support prices. US crude had risen 24 cents to USD29.28 a barrel by 0033
GMT, after ending the previous session down 40 cents.

Brent
crude for April delivery was up $1.21 at $34.60 a barrel. It rose as
high as $34.72, the highest level since February 5, after rising 11
percent on Friday.

U.S. crude was up $1.43 at $30.87 by 0330 GMT as
the market reopened following a shortened holiday session. The contract
rose by as much as $1.50, or 5.1 percent, to $30.94, the highest since
February 8, building on Friday's more than 12 percent surge.

High 103.30

Low 103.00

COPPER

Open 308.20

High 312.25

Low 308.20

London Brent crude for April delivery LCOc1 was
down 45 cents at $32.91 a barrel by 0032 GMT (7 p.m. ET on Sunday). It
jumped $3.30 on Friday after the United Arab Emirates' energy minister
was quoted as saying that OPEC members are ready to cooperate on an
output cut.

copper on the London Metal Exchange had
climbed 1.8 percent to $4,584 a tonne by 0108 GMT, extending a
1.2-percent gain from the previous session that still saw prices
end in the week down by more than 2 percent.